The Executive Vice-Chairman of Chinese conglomerate Alibaba Group Joe Tsai expressed his likeness for digital money in a tweet in which he professed, “I like crypto.”
Though it is not unusual to find traditional business leaders articulating affirmation for the development of cryptocurrencies, Joe’s statement comes as a shock to the crypto world. Further, the digital currency growth ecosystem has seen many institutional investors wade into the rising ecosystem.
If we see the business intelligence and software firm MicroStrategy, they are certainly leading the charge in this regard. The company holds over 122,478 bitcoins in line with its Treasury Reserve Asset (TRA) policy.
Moreover, American electric vehicle company Tesla Inc. also purchased as much as $1.5 billion worth of Bitcoins. This move showed an aggressive push by corporations to take a cut of the pie. Further, from the U.S. to China, it is slowly becoming a primary trend to have companies buy BTC. However, many of these decisions are typically not invested in the primary figurehead of the company.
To conclude, Joe Tsai did not confirm that he kept any digital currency through his tweet. However, after his tweet, it will no longer be shocking to the world if he does the crypto investment.
Currently, there is an expectation that more common business leaders and companies will make their way into the BTC ecosystem.
Also, the cryptocurrency mining hash rate has recovered from the dip following China’s ban on mining activities. According to data captured earlier this month, the hash rate of the Bitcoin network hit more than 179.5 Ehash/s, which is close to the all-time high achieved earlier this year.
